November 2010

Whether shopping for a new home needing renovation or giving an old home a new look, several considerations need to take place. The most important consideration is, of course, safety. Sure, home renovation can be an exciting process. We get to open up floor plans, replace fixtures and tear off faded wallpaper. However, renovating an older home can present some unique challenges. Though details like wiring and structural integrity might need to be addressed, especially in Northern climates, other serious concerns need to be addressed. Older homes were not subject to current codes and building restrictions, so many precautions should be taken before you start to tear out walls and burrow through layers of linoleum.

SHORT SALES AND SELLERS - AN EXPLANATION

Why would a seller want to do a short sale? If they have attempted to get a loan modification (which rarely goes through), and want to hopefully be able to buy another home as soon as possible (could be as soon as two years after the short sale is closed) depending on down payment, attempting a short sale would probably be the way to go. However, here is my disclaimer: a seller needs to speak to their attorney and possibly a CPA to see what the best thing is for them to do.

OK, disclaimer aside, a seller does have other options. If a seller cannot afford their current mortgage and cannot sell their property to cover the current mortgage balance along with closing costs and would not be able to rent out